One Heritage Group plc: Practical Completion of Oscar House in Manchester (1653917)
12 Junio 2023 - 1:00AM
UK Regulatory
One Heritage Group plc (OHG) One Heritage Group plc: Practical
Completion of Oscar House in Manchester 12-Jun-2023 / 07:00
GMT/BST
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12 June 2023
ONE HERITAGE GROUP PLC
(the "Company" or "One Heritage")
Practical Completion of Oscar House in Manchester
One Heritage Group PLC (LSE: OHG), the UK-based residential
developer focused on the North of England, is pleased to announce
the practical completion of Oscar House in Manchester.
The six-storey building comprises 27 apartments of 1 and 2
bedrooms, of which 5 are duplexes and 22 single-storey.
The Group previously reported a Gross Development Value (GDV) of
GBP6.2m which included an agreement with a buyer underwriting the
agreed purchase price of GBP6.1m for 27 apartments and the separate
sale of car parking spaces. Unfortunately the buyer has failed to
perform on the purchase of 22 apartments. The Group will now
re-market these units and following a recent re-valuation of the
completed building, it is anticipated that the Gross Development
Value (GDV) will increase to GBP6.8m. This increase in value is due
to price appreciation in the area.
The Group has refinanced the project settling the previous debt
of GBP3.9m on 09 June 2023. An agreement has been entered into with
a new lender on improved terms for GBP4.2m for a period of 10
months to provide appropriate funding until all the remaining units
are legally completed and handed over to customers. The development
was impaired by GBP0.4m in the most recent interim statement to
December 2022, announced in an RNS on 26 January 2023. The overall
performance of the project will be reported in due course when all
remaining units are sold.
Jason Upton, One Heritage CEO, commented:
"The practical completion of Oscar House, Manchester marks our
third project completion of 2023 and it is satisfying to bring new
life to a previously unoccupied site, developing the land into 27
modern, high-quality apartments. Recycling Manchester's brownfield
sites is essential for the regeneration of the city centre and it
will continue to be part of the Group's new development
strategy.
We are expecting to benefit from an increase in values and
anticipate the financial performance of the project to be better
than previously expected.
We would not have been able to complete this project without the
help of our professional partners. We would like to thank our
principal contractor Winworth Construction, Innov8 project
managers, Ollier Smurthwaite Architects, Civic Structural Engineers
and RJD, the principal designers."
Contacts
One Heritage Group plc
Jason Upton
Chief Executive Officer
Email: jason.upton@one-heritage.com
Anthony Unsworth
Chief Financial Officer
Email: anthony.unsworth@one-heritage.com
Hybridan LLP (Financial Adviser and Broker)
Claire Louise Noyce
Email: claire.noyce@hybridan.com
Tel: +44 (0)203 764 2341
Yellow Jersey PR (Financial PR)
Charles Goodwin/Annabelle Wills/Bessie Elliot
Email: oneheritage@yellowjerseypr.com
Tel: +44 (0)203 004 9512
About One Heritage Group
One Heritage Group PLC is a property development and management
company. It focuses on the residential sector primarily in the
North of England, seeking out value and maximising opportunities
for investors. In 2020 One Heritage Group PLC became one of the
first publicly listed residential developers with a focus on
co-living.
The Company is listed on the Standard List of the Main Market of
the London Stock Exchange, trading under the ticker OHG.
For further information, please visit the Company's website at
.
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Dissemination of a Regulatory Announcement that contains inside
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content of this announcement.
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ISIN: GB00BLF79495
Category Code: UPD
TIDM: OHG
LEI Code: 2138008ZZUCCE4UZHY23
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 249991
EQS News ID: 1653917
End of Announcement EQS News Service
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